Morgan Stanley Records Net Revenue of $54.14Bn for Full Year 2023

Morgan Stanley released its financial results for the fourth quarter (Q4) and the full year of 2023, recording a net revenue of $12.90 billion for the quarter ended December 31, 2023, and $54.14 billion for the full year, both demonstrating stable growth compared with the corresponding period in the previous year.

Financial Overview for Q4 2023

• Net revenue totaled $12.90 billion for the three months, up 1.2% compared with $12.75 billion in the same period of 2022. Net revenue of Institutional Securities accounted for $4.94 billion, up 2.9% YoY. Net revenue of Wealth Management was $6.65 billion, up 0.3% YoY. Net revenue of Investment Management was $1.46 billion, basically unchanged on a yearly basis.

• Pre-tax income for the quarter came in at $2.10 billion, dropping 24.7% from $2.79 billion in the year-ago period.

• Net income applicable to Morgan Stanley was $1.52 billion, decreasing 32.1% with $2.24 billion in Q4 2022. Earnings per diluted share was $0.85, a decrease of 32.5% compared with $1.26 per share in the same period of last year.

• Morgan Stanley delivered ROTCE of 8.4% for Q4 2023, compared with 13.5% in Q3 2023 and 12.6% in Q4 2022.

Financial Overview for the Full Year 2023

• Net revenue totaled $54.14 billion for the full year, 2.8% higher than $53.67 billion in 2022.

• Pre-tax income dropped by 16.2% from $14.09 billion to $11.81 billion on a year-on-year basis.

• Net income applicable to the firm was $9.09 billion, down 17.6% compared with $11.03 billion in the prior year.

• Earnings per diluted share stood at $5.18 in 2023, decreasing by 15.8% compared with $6.15 per share in 2022.

• The Firm delivered ROTCE of 12.8% for 2023, compared with 15.3% for 2022.

Ted Pick, Chief Executive Officer at Morgan Stanley, commented: "In 2023, the Firm reported a solid ROTCE against a mixed market backdrop and a number of headwinds. We begin 2024 with a clear and consistent business strategy and a unified leadership team. We are focused on achieving our long-term financial goals and continuing to deliver for shareholders."